Twitter are currently testing what they call the Discovery Engine, whereby the Twitter homepage will have a search facility built in.
This will be taking us nearer to realtime searching, and I think make a big leap forward to Twitter users.
There are sites out there already like Twitterfall which allow us similar functionality. The idea of seeing who is discussing what, realtime news information from Twitter feeds from the news agencies, job postings, sports news, etc could very much be a big part of how we use the interent moving forwards.
So twitter search, or even twiiter search 
is only at the beginning of bigger things.
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